An EPQ model with stock and selling price dependent demand and variable production rate in interval environment

Ruidas, Subhendu; Seikh, Mijanur Rahaman; Nayak, Prasun Kumar

doi:10.1007/s13198-019-00867-w

Cited by 33 publications

(14 citation statements)

References 39 publications

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“…Li & Teng (2018) developed an inventory model for a perishable item with demand depending on selling cost, reference price, freshness condition, and stock. Ruidas et al (2020) An inventory model useful for multi tier supply chain involving supplier, retailer and customer is developed by Li et al (2019). Selling price, expiration date and credit period varying demand were considered in the developed model.…”

Section: Review Of Literaturementioning

confidence: 99%

An Evolutionary Based Optimization for Price Varying Demand Inventory Model with Linear Holding Cost

Kurade¹

2021

JSR

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Supply chain is a set of interlinked facility such as: supplier, producer, manufacturer, retailer, customer etc. Each of these entities in a supply chain are interconnected and performed independently in such a way that, profit of the chain is high or low cost. Optimization of transportation and inventory or both simultaneously in a supply chain are the two mostly crucial problems focused by authors in the literature. Due to the importance of inventory optimization in a supply chain, here a stochastic inventory policy for perishable items is developed. Model is developed by assuming cost of sale sensitive market demand, continuous time varying holding cost, and exponential distributed deterioration under partial shortages with time dependent backlog rate. The formulated model will be useful for single as well as multi tier food processing supply chains. Profit function of the model is formed by considering various cost components of the model. The developed model is continuous, twice differentiable but highly nonlinear hence, the numerical illustrations are solved using proposed genetic algorithm. The over and under effect of various parameters on the developed model is checked using sensitivity analysis.

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Section: Review Of Literaturementioning

confidence: 99%

An Evolutionary Based Optimization for Price Varying Demand Inventory Model with Linear Holding Cost

Kurade¹

2021

JSR

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“…In reality, a drop in the selling price will often equate to a significant increment in the demand rate [21]; conversely, an increase in the selling price will most likely decrease the market demand. Relevant studies [22][23][24][25][26] consider demand rate as a function of the selling price, which could be described in various inventory models. Jabbarzadeh et al [27] established a multi-item inventory and pricing model, considering marketing, service activities, trade credit, carbon emissions, and restrictions of production cost and storage space where the demand rate is a power function of service, marketing costs, and selling price.…”

Section: Inventory Model Based On Price-dependent Demandmentioning

confidence: 99%

“…The main contribution of this study is that it is the first to apply game theory (Stackelberg game, where the manufacturer is the leader and the retailer is the follower) perspective to discuss an interactive decision-making of the pricing, production, replenishment, and the co-investment in carbon emission reduction technology between manufacturers and retailers with price-dependent demand and multistage issues of raw materials and finished products inventories. [20] Supply chain Time-varying V Panda et al [21] EOQ Price-dependent Ruidas et al [22] EPQ Price-dependent Sahoo et al [23], Li et al [24], Rahman et al [25], Sinha et al [26] Supply chain Price-dependent Jabbarzadeh et al [27] Supply chain Price-dependent V Liou et al [31], Chern et al [32] Supply…”

Section: Inventory Model Applying Game Theorymentioning

confidence: 99%

“…In this section, we use several numerical examples by referring to previous literature (such as [17,22,36]) and try to apply reasonable data to obtained the results from the previous section and perform sensitivity analysis for the parameters considered in the proposed model: Example 1. Consider an inventory situation where P = 5000 units/year, A R = $200/order, A M = $300/order, S = $500 setup, c 1 = $3/unit, c 2 = $10/unit, v = $50/unit, h b = $0.5/unit/year, h v = $0.3/unit/year, h m = $0.3/unit/year, C T = $50/ship, C t = $3/unit, θ 1 = 0.05, θ 2 = 0.1, r = 1/unit,Â R = 30 kg/order, A M = 50 kg/order,Ŝ = 100 kg/setup,ĉ 1 = 0.3 kg/unit,ĉ 2 = 0.5 kg/unit,v = 1 kg/unit,ĥ b = 0.05 kg/unit/year, h v = 0.03 kg/unit/year,ĥ m = 0.01 kg/unit/year,Ĉ T = 3 kg/ship,Ĉ t = 0.05/unit, C = $0.5/unit, β = 0.5, and D(p) = (a − bp) units/year, with a = 1000 and b = 8.…”

Section: Numerical Examplesmentioning

confidence: 99%

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A Multistage Sustainable Production–Inventory Model with Carbon Emission Reduction and Price-Dependent Demand under Stackelberg Game

Lee

et al. 2020

Applied Sciences

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This paper investigated a multistage sustainable production–inventory model for deteriorating items (i.e., raw materials and finished goods) with price-dependent demand and collaborative carbon reduction technology investment under carbon tax regulation. The model was developed by first defining the total profit of the supply chain members under carbon tax regulation and, second, considering a manufacturer (leader)–retailer (follower) Stackelberg game. The optimal equilibrium solutions that maximize the manufacturer’s and retailer’s total profits were determined through the method analysis. An algorithm complemented the model to determine the optimal equilibrium solutions, which were then treated with sensitivity analyses for the major parameters. Based on the numerical analysis, (a) carbon tax policies help reduce carbon emissions for both the manufacturer and retailer; (b) most carbon emissions from supply chain operations negatively impact the total profits of both members; (c) the retailer may increase the optimal equilibrium selling price to respond to an increase in carbon emissions from supply chain operations or carbon tax; and (d) autonomous consumption positively affects both members’ optimal equilibrium policies and total profits, whereas induced consumption does the opposite. These findings are very managerial and instructive for companies seeking profits and fulfilling environmental responsibility and governments.

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“…Tey developed applications of matrix games to the telecom market share problem and the plastic ban problem. Ruidas et al [49] developed an EPQ model with stock and selling price-dependent demand and a variable production rate in an interval environment. Ruidas et al [50] suggested an interval environment with price revision using a single-period production inventory model.…”

Section: Introductionmentioning

confidence: 99%

Cubic Intuitionistic Fuzzy Topology with Application to Uncertain Supply Chain Management

Riaz

Akmal

Almalki

et al. 2022

Mathematical Problems in Engineering

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The concept of the cubic intuitionistic fuzzy set is an effective hybrid model for modeling uncertainties with an intuitionistic fuzzy set and an interval-valued intuitionistic fuzzy set, simultaneously. The primary objective of this study is to develop a topological structure on cubic intuitionistic fuzzy sets with P-order and R-order as well as to define some fundamental characteristics and significant results with illustrations. Taking advantage of topological data analysis with cubic intuitionistic information, novel multicriteria group decision-making methods are developed for an uncertain supply chain management. Algorithms 1 and 2 are proposed for extensions of the weighted product model and the choice value method towards a cubic intuitionistic fuzzy environment, respectively. A comparative analysis is also given to discuss the validity and advantages of the proposed techniques.

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An EPQ model with stock and selling price dependent demand and variable production rate in interval environment

Cited by 33 publications

References 39 publications

An Evolutionary Based Optimization for Price Varying Demand Inventory Model with Linear Holding Cost

An Evolutionary Based Optimization for Price Varying Demand Inventory Model with Linear Holding Cost

A Multistage Sustainable Production–Inventory Model with Carbon Emission Reduction and Price-Dependent Demand under Stackelberg Game

Cubic Intuitionistic Fuzzy Topology with Application to Uncertain Supply Chain Management

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